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The Warsaw Voice » Real Estate » May 14, 2008
The Real Estate Voice
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Investment in Wroc³aw
May 14, 2008   
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The capital of the Lower Silesia region is changing at a strikingly fast pace. Attractive conditions for investment, along with the image of a dynamic city and friendly local government have attracted developer companies from around the world.

Wroc³aw has a high demand for apartments, and investor interest in the city is growing. Data from redNet Consulting, a company providing analysis and advice for real estate investors, indicates that the majority of residential projects are located in the city's southern districts. Investors are particularly interested in Krzyki, Gaj, Klecina, O³taszyn, Jagodno, Partynice and Bielany Wroc³awskie. These districts are located at a convenient distance from the city center and have good transport links and good access to the A4 freeway, and a lot of green areas. Also, the western districts of Wroc³aw are becoming increasingly popular due to new transport links to the city center and an increasing number of retail and service centers in the area.

This April, a cornerstone was laid for a flagship project of the LC Corp., the Sky Tower complex. This skyscraper of over 200 meters in the heart of the city will hold luxury apartments, offices, a large shopping mall, and a service and entertainment center. The investor intends it to become Wroc³aw's showpiece, symbolizing a modern and dynamic European metropolis. This luxury building will have seven stories above ground. Six of these will hold apartments and the ground floor will hold retail and services. The project is being carried out by Ghelamco, a Belgian company operating in Poland since 1991.

In the Old Town district, Wroc³aw-based company Euro-dom will build Odra House, an apartment building over 130 m tall. The apartments will offer a view of the Oder River and the Market Square.

Irish developer Pathway Plaza will build a luxury apartment building called Riverview on the bank of the Oder. It was designed by leading Irish architects Douglas Wallace. The investor has another building planned and also wants to take part in city redevelopment projects.

Wings Development will build the Angel Wings luxury apartment complex worth over zl.1 billion. Next to it, the company will construct the Hilton Wroc³aw Hotel. It will also develop Spichlerz, a hotel/apartment building to be located in a renovated 16th-century house in the city's historical downtown district.

Apartment prices in Wroc³aw have stabilized, with the average price per sq m at around zl.7,500. Rising wages and a low unemployment rate will prevent prices from dropping in the near future. This is good news for investors planning new projects in the city. Prices are expected to stabilize in the long run and the market will remain balanced.
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